S Subsidiary News

27 Feb 2020

Diana Shipping Sells Dry Bulker Norfolk

Image: Diana Shipping Inc.

Diana Shipping announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement (MoA) to sell to an unaffiliated third party, the 2002-built vessel Norfolk.The global shipping company specializing in the ownership of dry bulk vessels said that the delivery to the buyer is scheduled latest by April 6, 2020, for a sale price of US$8.75 million before commissions.Upon completion of the aforementioned sale, Diana Shipping Inc.’s fleet will consist of 41 dry bulk vessels (4 Newcastlemax…

27 Feb 2020

Busan Builds Logistics Center in Rotterdam

Image: Port of Rotterdam

South Korean port company Busan Port Authority (BPA) said that it signed a contract with Samsung SDS to operate a logistics center in Rotterdam.BPA will begin a construction of the logistics center in September this year and complete and operate it in around June 2021.Samsung SDS, a subsidiary of Samsung group has been providing information technology services,  will provide comprehensive logistics services for small and medium-sized companies conducting business between Europe…

23 Feb 2020

GTT Acquires Marorka

Image: GTT

French LNG containment specialist  Gaztransport & Technigaz (GTT) has acquired 100 percent of the share capital of the Icelandic smart shipping specialist Marorka.Based in Iceland and specialized in Smart Shipping, Marorka designs maritime energy monitoring and optimization systems for vessels, allowing them to reduce their environmental footprint. The company’s systems have been installed on more than 600 vessels.The shipping industry has started its environmental transition in January 2020…

20 Feb 2020

Diana Shipping Fixes Coronis with Koch

M/v Coronis. Image: Diana Shipping Inc

Diana Shipping  announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Panamax dry bulk vessels, the m/v Coronis.The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$8,000 per day, minus a 5% commission paid to third parties, for a period of about nine months to about 10 months.The charter commenced earlier today. The m/v Coronis was previously chartered to Tongli Shipping Pte.

19 Feb 2020

Elengy Acquires Fosmax LNG

Image: Elengy

Elengy, a subsidiary of French energy group Engie, has acquired French energy group Total's 27.5% stake in Fosmax LNG, owner of the liquefied natural gas (LNG) terminal at Fos Cavaou in southern France.Elengy now owns 100% of its three LNG terminals: Fos Cavaou, Fos Tonkin and Montoir-de-Bretagne. Until now Fosmax LNG was owned 72.5% by Elengy and 27.5% by Total Gaz Electricité Holding France (TGEHF).The acquisition of the shares is financed mainly by an increase in Elengy’s capital reserved for the Société d’Infrastructures Gazières (SIG).

19 Feb 2020

Petronas Inks 12-yr Contract with K-Line

The signing ceremony was held in Kuala Lumpur, Malaysia. Photo: “K” Line

Malaysian national oil company Petronas’ subsidiary Petronas LNG Ltd recently signed a 12-year time charter party (TCP)  with a Japanese shipowner Kawasaki Kisen Kaisha Ltd (“K” Line) for two midsized new build LNG vessels.According to the statement, the TCP includes an extension option for an additional 12 years. The LNG vessels had about 79,960 cubic metres each in capacity.Petronas said this was in line with the signing of the shipbuilding agreements between ‘K’ Line and Hudong-Zhonghua Shipbuilding Co Ltd for the construction of the vessels in Shanghai…

18 Feb 2020

Performance Shipping Buys Aframax Tanker

Image: Performance Shipping Inc.

Performance Shipping announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase a 2007 built Aframax tanker vessel, the M/T FSL Shanghai, from an unaffiliated third party seller for a total purchase price of US$26.0 million.According to a press release from the global shipping company specializing in the ownership of vessels, the vessel is expected to be delivered to the Company by the end of March 2020.Andreas Michalopoulos…

17 Feb 2020

UPS Wins Northern Endeavour Contract

Image: Upstream PS

Upstream Production Solutions (UPS), Perth, a wholly owned subsidiary of GR Engineering Services Ltd, has agreed with the Australian Government to provide operations and maintenance services to the Northern Endeavour floating production, storage and off-take (FPSO) vessel.On 14 February 2020, the Department of Industry, Science, Energy and Resources of the Australian Government  announced that urgent steps were underway to secure the continued safety and security of the Northern…

16 Feb 2020

WFW Advises TUI on $1.3Bn Take Over

Image: Watson Farley & Williams

London-based international law firm Watson Farley & Williams has advised TUI Cruises GmbH on its acquisition of Hapag-Lloyd Cruises from TUI AG for US$1.3bn, excluding net debt.According to the the transaction is subject to customary closing conditions and regulatory approvals and is expected to close in summer 2020. The deal includes the acquisition of HL Cruises’ luxury and expedition fleet, consisting of two five-star plus luxury vessels and three expedition cruise ships, by TUI Cruises.

16 Feb 2020

Diana Shipping Cancels Dry Bulker Sale

Image: Diana Shipping

Diana Shipping announced that it has received a notice of cancellation of the Memorandum of Agreement (MoA), between a separate wholly-owned subsidiary and an unaffiliated third party, to sell the 2005-built Panamax vessel “Calipso”, as previously announced.The global shipping company specializing in the ownership of dry bulk vessels said in a press note that the buyers elected to exercise their right to cancel the Contract as a result of vessel’s missing the cancelling date stipulated therein…

12 Feb 2020

Diana Shipping Fixes Philadelphia with BHP

Image: Diana Shipping Inc

Diana Shipping announced that through a separate wholly-owned subsidiary, it has entered into a time charter contract with BHP Billiton Freight Singapore Pte. Ltd., for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia.According to the global shipping company specializing in the ownership of dry bulk vessels, the gross charter rate is US$14,500 per day, minus a 5% commission paid to third parties, for a period of minimum 14 months to maximum 17 months.The charter commenced on February 5, 2020.

12 Feb 2020

EDF Buys Stake in Irish Offshore Project

Image: EDF Renewables

French electricity giant Électricité de France (EDF) is moving into the Irish energy market.EDF Renewables, a subsidiary of the French energy utility, has acquired a 50% stake in the Codling offshore wind project from Hazel Shore, a company linked to the property developer, Johnny Ronan.EDF Renewables will develop and build the project alongside Fred Olsen Renewables, which owns the other 50% stake in 1100MW Codling Wind ParkIt is the first investment by the international energy player in the Republic.The Codling project is located south of Dublin…

11 Feb 2020

MISC Clinches Petrobras Contract

Image: MISC Group

Malaysia International Shipping Corporation Berhad (MISC) announced that its wholly-owned subsidiary, AET Tanker Holdings Sdn Bhd, has been awarded long-term charter contracts for three newbuilding Suezmax DP2 Shuttle Tankers from Petróleo Brasileiro S.A. – Petrobras of Rio de Janeiro, Brazil.AET, the petroleum shipping unit of MISC and specializes in the global ocean transport of petroleum, will own and operate the newbuilding Suezmax DP2 Shuttle Tankers for operations in Brazilian…

10 Feb 2020

K Line Orders LNGC with Hudong-Zhonghua

The signing ceremony was held in Kuala Lumpur, Malaysia. Photo: K Line

Japanese shipping company Kawasaki Kisen Kaisha (K Line) has ordered two liquefied natural gas (LNG) carriers with  with Hudong-Zhonghua Shipbuilding backed by long-term contracts with Malaysia's energy giant Petronas.The 12-year contract to charter them to Petronas starts in 2022, with an option for an extension for a further 12 years.The two vessels will be built by Hudong–Zhonghua Shipbuilding , a wholly owned subsidiary of China State Shipbuilding Corporation, the largest shipbuilding group in China…

10 Feb 2020

Grindrod Shipping Acquires IVS Bulk Stake

Image: Grindrod Shipping Holdings Ltd

The global provider of maritime transportation services in the drybulk and product tanker sectors Grindrod Shipping Holdings announced acquisition of an additional 33.25% stake in its IVS Bulk joint venture and the sale of the 2010-built small product tanker Kowie.A subsidiary of the company, Grindrod Shipping Pte. Ltd (GSPL) has agreed to acquire the 33.25% ordinary and preferred equity shares held by one of its two JV partners in IVS Bulk for a total consideration of $44.1 million, thereby increasing its stake to 66.75%.

09 Feb 2020

Total in 10-Year LNG Bunkering Pact with Pavilion

Image: Total Marine Fuels Global Solutions (TMFGS)

Temasek-owned Pavilion Energy has signed a 10-year fully-termed agreement to jointly develop an LNG bunker supply chain in the port of Singapore with Total Marine Fuels Global Solutions (TMFGS),  a subsidiary of French energy conglomerate Total SA.Global law firm Norton Rose Fulbright has advised  on signing the contract.The agreement includes the shared long-term use of 12,000 cu m LNG bunker vessel (LNGBV). In February this year Pavilion chartered an LNGBV newbuilding from Mitsui…

09 Feb 2020

SFL Sells its Oldest VLCC

Image courtesy: SFL Corporation

Bermuda-based SFL Corporation has sold and delivered Front Hakata, a 2002-built very large crude carrier (VLCC).The international ship owning and chartering company said that the net cash proceeds to SFL was approximately $30 million after a compensation to Frontline Ltd. for the early termination of the charter.SFL Corp, formerly Ship Finance International, does not expect a material book effect from the transaction.The Front Hakata was the last vessel in the fleet remaining…

06 Feb 2020

St. Louis Delivered to U.S. Navy

The future USS St. Louis completed Acceptance Trials in Lake Michigan in December. Image: Lockheed Martin

The consortium consisting of Fincantieri, through its subsidiary Fincantieri Marinette Marine (FMM), and Lockheed Martin Corporation has delivered the future littoral combat ship USS St. Louis, LCS 19, to the Navy.St. Louis is the 10th Freedom-class ship, and the 19th littoral combat ship of 34 planned by the Navy. Independence-class LCS vessels are also underway.The Fincantieri and Lockheed Martin team is currently in full-rate production and has delivered ten ships to the U.S. Navy to date.

05 Feb 2020

ICE Wins AIP for FPSO Hull Design

Image: ICE

European naval architecture and marine engineering consultant International Contract Engineering (ICE) group was awarded an Approval in Principle (AIP) by the American Bureau of Shipping (ABS) for its latest generic floating production storage and offloading (FPSO) hull design, designated the G-1600-SM/W.The AIP means that experts at ABS’ world headquarter in Houston have reviewed critical plans and calculations of the vessel and have found that they comply with the applicable…

05 Feb 2020

SCHOTTEL to Supply Propulsion for Seabulk Newbuilds

(Photo: SCHOTTEL)

German propulsion manufacturer SCHOTTEL announced it has been awarded a contract from Alabama shipbuilder Master Boat Builders to supply a total of six rudderpropellers for a pair of new tugs being constructed for U.S.-based Seabulk Towing Inc, a subsidiary of SEACOR Holdings Inc.Both Robert Allan Ltd.-designed newbuilds will feature the Advanced Rotortug (ART) design triangular propulsion system.The tugs will be propelled by three SCHOTTEL Rudderpropellers type SRP 430 FP with a propeller diameter of 2.4 meters, each driven by a 1,771-kilowatt diesel engine.

04 Feb 2020

Kongsberg Sells Subsidiary Hydroid to HII

Image: Kongsberg Maritime

Kongsberg Maritime AS has signed an agreement to sell its underwater technology subsidiary company Hydroid, Inc. for $350 million to shipbuilder Huntington Ingalls Industries (HII). In conjunction with the transaction, HII and Kongsberg Maritime are also establishing a strategic alliance to jointly market naval and maritime products and services to the U.S. government market and potentially to global markets.Kongsberg Maritime acquired Hydroid for USD 80 million in 2007 and is…

03 Feb 2020

Russia Leads E&P Race in Arctic Region

Image: GlobalData

Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic continental shelf, which is estimated to hold vast deposits of hydrocarbons and rare earth minerals.Warming temperatures in the Barents Sea and northern coastline of Russia are giving an added impetus to resource development in this region, according to GlobalData.GlobalData's report, ‘Arctic Exploitation’, discusses how Russia is keen on hydrocarbon appraisal and…

02 Feb 2020

Evergy to Add 660MW Wind Energy

Image: Evergy

US-based utility Evergy has announced plans to add 660MW of wind energy to its portfolio and reduce carbon emissions by 80% below 2005 levels by 2050. The addition will bring the total amount of wind serving Evergy customers to 4,535 megawatts, making Evergy one of the top five wind energy companies in the United States.The energy from these wind farms will be used to support and expand Evergy’s Direct Renewables Program, which allows Kansas companies to access clean wind energy to become more sustainable and reduce the overall cost of energy.

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